Erdene Closes $18.6 Million Private Placement

HALIFAX, NOVA SCOTIA--(Marketwire - June 19, 2008) - NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Erdene Resource Development Corp. ("Erdene") (TSX:ERD) is pleased to announce that it has completed the private placement of 15,000,000 common shares ("Shares") at a price of $1.00 per Share together with an additional 3,586,000 Shares on the exercise of an over-allotment option granted to the agents, for aggregate gross proceeds of $18,586,000 ("Offering").

Toll Cross Securities Inc. and National Bank Financial Inc. were co-lead agents in the Offering on behalf of a syndicate that included Acadian Securities Inc., Beacon Securities Limited and Citadel Securities Inc. ("Agents"). The Agents received a cash commission equal to 6% of the aggregate gross proceeds of the Offering.

All of the Shares issued in connection with the Offering are subject to a four month hold period from the date of issue.

The net proceeds of the Offering will be used for mineral exploration and development activities and for general corporate purposes.

About Erdene Resource Development Corp.

Erdene (formerly Erdene Gold Inc.) is a diversified resource development company with multiple projects at various stages of development from exploration to production all focused on high-growth commodities. Erdene has a strong portfolio of exploration properties in Mongolia where it has a strategic alliance with Xstrata Coal to develop its coal properties and a strong focus on base metals (copper and molybdenum), precious metals (gold) and energy (coal). Minarco-MineConsult, of Sydney, Australia, has recently completed a National Instrument 43-101 compliant independent resource estimate for the Zuun Mod molybdenum project and is currently working on a scoping study on the project. In addition, Erdene has near-term cash flow opportunities in its North American assets, which include a 25% interest in the Donkin Coal Alliance with Xstrata Coal, agreements with KaMin LLC (formerly J.M. Huber Corporation) and Ready Mix USA as operators and developers in the southeast U.S. for its kaolin clay and construction aggregate projects, respectively. With the closing of the Offering Erdene has a cash position of approximately $23.4 million with 89,230,877 common shares issued and outstanding and a fully diluted share position of 98,933,352 common shares.

Forward-Looking Statements

Certain information regarding Erdene contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Erdene believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Erdene cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Erdene currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.

Contact Information

Erdene Resource Development Corp.Peter C. AkerleyPresident and CEO902-423-6419orErdene Resource Development Corp.Ken W. MacDonaldVice-President Business Development and CFO902-423-6419info@erdene.comwww.erdene.com